Bitcoin is currently bouncing back from a crucial support level, and analysts are speculating on its short-term price target. According to Crypto World analyst Josh, as the weekend comes to a close, we can expect increased volatility in the coming week due to higher trading volumes and activity.
In his most recent analysis video, Josh mentioned that for a confirmed bullish reversal, Bitcoin would need to break above strong resistance levels and see a bearish reversal in the DXY, which has not occurred yet. In the immediate future, Bitcoin is predicted to trade within a range of $60,000-$64,000. However, over the next one to two weeks, there is a higher likelihood of a downward breakout due to the current bearish trend.
To anticipate a move towards the major support area of $56,000-$58,000, a break below $60,000 with confirmation is necessary. As of now, Bitcoin remains neutral in the short term but has not reversed the bearish trend. At the time of writing, Bitcoin has risen by more than four percent and is hovering around the $64k mark.
The Bitcoin liquidation heatmap indicates significant liquidity around $62,500-$62,600, suggesting a possible short-term price target as Bitcoin tends to gravitate towards these liquidity levels. This price range falls within the current sideways movement, hinting at continued choppy price action in the near future.
Josh notes that Bitcoin is still in a large sideways consolidation range, with the Bollinger Bands tightening and the Bollinger B indicator at very low levels. Despite minor fluctuations in the past day, there hasn’t been much change on this chart.
For weeks, Josh has been cautioning that as long as the DXY remains bullish, Bitcoin is likely to maintain its short-term bearish trend. While he foresaw a period of choppy sideways movement or a slight bullish relief, he did not predict an end to the bearish trend. In the last few days, Bitcoin has indeed displayed sideways movement without confirming a bullish reversal.